Lockbox
Check Truncation
Lockbox Check Truncation
converts paper checks, received in the mail or at a drop box
(P.O. Box), into an electronic transaction.
Candidates for lockbox services are any Business or Municipality
that receives checks in the mail.
Utility companies, insurance agencies, subscriptions,
newspaper publishers, hospitals, credit card companies, etc. Lockbox truncation cuts the costs associated with
receiving, processing and depositing these checks by turning
the check into an electronic transaction.
- Check is
received in the mail by your company
- Checks are
then scanned and imaged.
- This
information is then batched, sent through the ACH
Network to the checkwriters bank, where it is debited and
credited to your account.
As a user of
our lockbox solution, you benefit from:
- Notification
of NSF
and Closed
Account
checks within 48 hours instead of 7 - 10 days
- 24/7
Internet reporting
- Real funds
within 48 hours
- Reduced
handling costs
- No bank
deposit fees
- No returned
check charge, usually $3.50 - $7.50 per check
- Make your
deposit from your office, not the bank window
Compare
the traditional deposit process against our eSoftPayment
Lockbox process.
For more information and the name of a
representative near you, please call (888) 436-5101 Ext 21.
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